The Anti-Corruption Commission (ACC) on Monday approved a charge sheet against former Land Minister Saifuzzaman Chowdhury, his wife and 33 others over allegations of embezzling Tk 230 million by taking loans in the names of fictitious paper companies from United Commercial Bank (UCB).
Sources said the charge sheet was approved at the ACC headquarters and would be submitted to the court soon.
The case was filed on August 7, 2025 at the ACC’s Integrated District Office.
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According to the approved charge sheet, the accused include former Land Minister Saifuzzaman Chowdhury, his wife, former UCB chairman Rukmila Zaman, former vice-chairman Bazlul Ahmed Babul, former managing director Abul Ehtesham Abdul Mohaimin, former directors Yunus Ahmed, MA Sabur, Asifuzzaman Chowdhury, Haji Abu Kalam, Nurul Islam Chowdhury, Roksana Zaman Chowdhury, Bashir Ahmed, Syed Kamruzzaman, Md Shah Alam and Dr Selim Mahmud.
Others named in the charge sheet are former senior executive officer Shrabanti Majumder, former executive officer Mujayona Siddika, former AVP and credit officer Mohammad Golam Rakib, former FAVP and operations manager Mosaddek Md Yousuf, and former FVP and Karwan Bazar branch head Alamgir Kabir.
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Among the alleged owners of the paper companies are Mohammad Hossain Chowdhury, proprietor of Progressive Trading and assistant manager (accounts) of Aramit Cement Ltd; Md Abdul Aziz, proprietor of Imperial Trading and AGM of Aramit; and Md Yasinur Rahman, a peon of Aramit Cement.
Although former UCB director Sharif Zahir was named as an accused in the case, he was relieved in the charge sheet.
Investigation findings said a bank account was opened at UCB’s Karwan Bazar branch in the name of the fictitious entity Progressive Trading without proper verification. Later, loan application submitted in the same manner, branch officials prepared inspection reports containing false information and recommended a Tk230 million loan to the head office without due scrutiny.
Despite negative observations in the loan proposal, the UCB head office credit committee approved the loan at the bank’s 424th board meeting, investigators said.
The ACC alleged that the accused, in collusion with one another, abused their power to approve the loan using forged and false documents by showing relatives of employees of Saifuzzaman Chowdhury-owned Aramit Group as owners of the paper companies. The money was later withdrawn in cash, transferred and laundered, constituting criminal breach of trust.
The charge sheet has been approved under Sections 406, 409, 420, 467, 468, 471 and 109 of the Penal Code, 1860; Section 5(2) of the Prevention of Corruption Act, 1947; and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.
In September 2024, Qatar-based media outlet Al Jazeera published an investigative report titled “The Minister’s Millions”, alleging that Saifuzzaman Chowdhury owned assets worth an estimated US$500 million worldwide, including around 360 properties in the United Kingdom.
Following the report, the ACC launched an inquiry. Courts in Bangladesh have since ordered the seizure and freezing of 343 properties in the UK, 228 in the United Arab Emirates, nine in the United States and other immovable assets in different countries in the names of Saifuzzaman Chowdhury and his wife.
In separate orders, courts also directed the freezing of 39 bank accounts holding Tk52.68 million, the seizure of shares worth Tk1.02 billion, and the attachment of 957 bighas of land owned by Saifuzzaman Chowdhury and his family.